Cinemark price target raised to $30 from $24 at Macquarie

Macquarie analyst Chad Beynon raised the firm’s price target on Cinemark to $30 from $24 and keeps an Outperform rating on the shares. The company reported a Q2 beat and achieved nearly 15% market share during the quarter, the analyst tells investors in a research note. The firm says Cinemark management remains optimistic around the recovery in film volumes in the coming years. It believes investors continue to have concerns whether the box office can return to pre-pandemic levels as shares of Cinemark remain inexpensive.